The list that can freeze every sale in your building is one your board cannot read
The list that can freeze every sale in your building is one your board cannot read
2026-09-15 · Mississippi · Compliance · Reported — unconfirmed
Fannie Mae maintains a status inside Condo Project Manager that stops conventional lending on every unit in a condominium project. It does not publish that list, it does not notify the association, and there is no application to be removed from something you were never told you were on. The account below is assembled from what Fannie Mae publishes about CPM and from third-party compilations; Fannie Mae has never released the list itself, and no verified Mississippi figure exists.1
What the status does
A project flagged Unavailable in Condo Project Manager cannot support a loan Fannie Mae will buy. The practical consequence is that conventional financing stops for the whole building — purchases, refinances, everything — leaving cash buyers and portfolio lenders at whatever price that market sets.
The flag is set by a lender's findings or by Fannie Mae's own review, on grounds that include critical repairs, insurance shortfalls, inadequate reserves, litigation and evacuation orders. It is not a penalty. It is an eligibility determination.
Why no Mississippi number exists
The list is visible only to lenders inside CPM. Third-party compilations circulate — one reported 5,175 projects nationwide as of March 11, 2025 — but we could not verify a per-state breakdown, a Mississippi count, or any named Mississippi project from any source.
We are not publishing a Mississippi figure, because there isn't a verifiable one. That opacity is the story.
How a Mississippi board actually finds out
A unit goes under contract. The buyer's lender runs the project through CPM. The finding comes back Unavailable. The loan dies, the contract dies, and the seller's agent calls the management company asking what is going on.
By that point the underlying condition — the deferred repair, the reserve shortfall, the insurance gap — has usually existed for a year or more, and nobody told the board because there is no mechanism that tells the board.
Why 2027 raises the stakes
Three changes from the March 18, 2026 project-standards package land in the next fifteen months, and each creates a new route to the flag:
- January 4, 2027 — the minimum reserve allocation rises from 10% to 15% of annual budgeted assessment income. Mississippi has no statutory reserve mandate, so many associations are below that line today.
- August 3, 2026 (already live) — the budget must carry the highest recommended allocation in the reserve study, and a baseline-funded study no longer supports it.
- July 1, 2026 (already live) — named-storm coverage is a required component of windstorm coverage, and per-unit master deductibles are capped at $50,000. On the Mississippi Coast, both are live exposures.
An association that fails any of these does not receive a letter. It receives a failed closing, eventually.
What a board can do about a list it cannot see
Ask a lender to run the project. This is the single most useful step and it is free. A local lender with CPM access can tell a board what the project's current status is. Boards rarely ask because they do not know they can.
Audit against the criteria rather than waiting for the finding. Reserve percentage, reserve study date and funding method, master policy named-storm treatment and deductible structure, delinquency rate, open litigation, critical repairs. Every one of those is knowable from the association's own records.
Fix the condition, then get the project re-reviewed. The status follows the facts. An association that closes its reserve gap and documents it can have a lender resubmit; the flag is not permanent and is not punitive.
Keep the questionnaire answers consistent. Conflicting answers across successive lender questionnaires are themselves a reason for a project to draw scrutiny.
What to watch next
Whether FHFA requires disclosure to associations. The asymmetry — a determination that controls the marketability of every unit in a building, invisible to the building — is the kind of thing that eventually draws a rulemaking or a congressional letter. Nothing is pending today.
Related Mississippi HOA Topics
Stay on top of Mississippi HOA law
Every week: new Mississippi legislation, court rulings, and regulatory developments affecting condos, planned communities, and property managers. Free.
No spam. Unsubscribe anytime.